Daytona Beach quad fell in my lap...Wholesale?

Question

What do you guys do when off market deals find you, but you’re not quite ready to buy? Partner with someone? Try to wholesale it? I own 3 quads in this area so someone with a beachside property approached me before putting it on the market. Gross rent is currently $3,200. I’d make a little at $280k.

Eric Mayer

Kurt Jones · Answer

I invest in Daytona but it's a tough market. Personally a seller rather than a buyer there right now.

Glidden Rivera · Answer

@Eric Mayer

Can you AirBNB it?

Proximity to beach would help.

Could be a cash cow for weekly rentals.

Glidden Rivera · Answer

@Eric Mayer

Also Daytona seems to be one of the few

Places left in Florida where you can get a good deal. That sub market is heating up.

Eric Mayer · Answer

@JM Payne I would pay less if I decide to keep it for myself. I do have a quad at $4k in this area so more room in the rent as well. Where do you invest mostly?

JM Payne · Answer

Sorry about that, it's late.  The math is 1.14%, which is hardly "well over."  I would deploy funds in a more profitable market.  Whatever you choose, good luck!

- JM

Eric Mayer · Answer

@Frank Geiger That’s what I’m leaning towards. I’ve had some friends reach out about partnering on deals.

@JM Payne It’s a 4 plex. Being well over the 1% rule is usually good for most in this market.

Eric Mayer

JM Payne · Answer

I don't know your market, but I'd be looking for more than $3200 on a $280,000 triplex.

- JM

Frank Geiger · Answer

I'd partner with someone because I don't have the buyers list to wholesale it. I wouldn't try to form all those systems for one deal. Which one nets you more profit?

Daytona Beach quad fell in my lap...Wholesale?

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